IHS Holding Limited, operating as IHS Towers, has reported a 21.4% year-on-year increase in revenue from continuing operations to $490.5 million for the third quarter ended September 30, 2026, driven largely by strong growth in its Nigerian business.
The telecommunications infrastructure company, which owns, operates and develops shared communications infrastructure across emerging markets, recorded revenue growth from $403.9 million in the corresponding period of 2025. Nigeria contributed $359.4 million, representing a 34.1% increase year-on-year, while revenue from its Sub-Saharan Africa (SSA) segment declined by 3.5% to $131.1 million.
According to the company’s financial results, growth in Nigeria was supported by higher revenue from power indexation, increased diesel prices, new sites, colocation services, lease amendments and fibre. The appreciation of the Nigerian naira against the US dollar also contributed positively to the reported results.
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Despite the revenue increase, IHS Towers recorded a net loss of $8.2 million for the quarter, compared with a profit of $147.4 million in the same period last year. The company attributed the decline primarily to higher administrative expenses, increased finance costs and losses from discontinued operations. Rising power generation costs, partly associated with elevated global energy prices, also affected operating expenses.
Adjusted EBITDA increased by 8.1% to $282.7 million, while Adjusted Levered Free Cash Flow (ALFCF) rose by 25.3% to $197.7 million. The company also reported cash from operations of $246.7 million.
Operationally, IHS Towers had 28,599 towers and 42,941 tenants across its operations at the end of September 2026, with a colocation rate of 1.50x. Its total capital expenditure for the quarter stood at $68.2 million, down 11.8% compared with the previous year.
The results follow the completion of the company’s sale of its Latin American tower operations to Macquarie Asset Management in August 2026 and the earlier disposal of its 51% stake in I-Systems to TIM S.A. The company also confirmed that shareholders approved its proposed acquisition by MTN Group at an Extraordinary General Meeting in August. IHS Towers Chairman and Chief Executive Officer, Sam Darwish, said the transaction continued to advance and was still expected to close in 2026, subject to the remaining closing conditions.
The latest performance highlights the continued importance of Nigeria to IHS Towers’ operations, particularly as demand for shared telecommunications infrastructure, network expansion and digital connectivity grows across the market.
